Cash advance Laws on Delmarva – WBOC-TV 16, Delmarvas Information Leader, FOX 21 –
Pay day loan Laws on Delmarva
Have you considered the loan that is payday in a state? Here you will find the rules payday that is limiting techniques in Delaware, Maryland and Virginia.
Delaware Cash Advance Laws
State Legal StatusLending of pay day loans are allowed within the continuing State of Delaware under tiny loan work or certification legislation.
Loan Specs
- Optimum quantity of Loan – $500
- Term of Loan – optimum 60 times
- Optimum speed of Finance and costs – perhaps Not Specified
- Finance Charge on $100 loan for the 14 time duration – No restriction
- APR for $100 loan for a 14 time duration – No restriction
Debt Limitations
- Optimum quantity of outstanding loans allowed at a righ time – Not Specified ( Aggregate loans of $1000 outstanding to all licensees)
- Permissible wide range of Rollovers – 4 (rollovers)
File your problem and obtain Information
- Regulator – Delaware workplace associated with continuing State Bank Commissioner
- Address – 555 E. Loockerman Street Suite 210 Dover DE 19901
- Phone – (302) 739-4235
- Fax – (302) 739-3609
- Regulatory Contact – Administrator, Non-Depository Organizations and Conformity
Maryland Cash Advance Laws
State Legal StatusLending of payday advances are forbidden within the State of Maryland.
Rate of interest Cap on Small Loans
- 2.75% per thirty days
- 33% per year
File your issue and obtain Information
- Regulator – Maryland Commissioner of Financial Regulation
- Address – 500 North Calvert Street Suite 402 Baltimore MD 21202
- Phone – (410) 230-6100
- Fax – (410) 333-3866
- Regulatory Contact – Michael Jackson Director, Regulatory Policy
Virginia Cash Advance Laws
State Legal StatusLending of pay day loan is appropriate into the continuing State of Virginia.
Loan Requirements
- Optimum Loan Amount – $500
- Term of Loan – minimal two pay durations
- Maximum speed of Finance and costs- 36% yearly interest rate + verification fee of $5 + 20% regarding the loan
- Finance Charge on $100 loan for the 14 period – $26.38 day
- APR for $100 loan for a 14 period – 687.76 day%
Debt Limitations
- Optimum amount of outstanding loans allowed at a righ time – 1
- Permissible amount of Rollovers – None (may not be renewed, extended or refinanced)
- Cooling-off Period – 1 day after pay, forty-five times following the 5th loan, three months after payment plan
- Repayment Plan – Yes, once per year
Restrictions of Collection
- Collection charges – a) NSF charge of $25; b) expenses of court; c) Fees of the reasonable lawyer (must not meet or meet or exceed $250)
- Criminal Action – Prohibited
File your problem and obtain Information
- Regulator – Virginia Bureau of Finance Institutions
- Address – State Corporation Commission, 1300 East Main Street, Suite 800 Postoffice Box 640 Richmond VA 23218
- Phone – (804) 371-9657
- Fax – (804) 371-9416
- Regulatory Contact – Susan E. Hancock,, Deputy Commissioner, Customer Finance
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